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    1 Reply Latest reply on Jan 18, 2010 9:07 AM by bm911tax

    Loan to Shareholder - red flag?

    anro03 Newbie
      I have borrowed $60k from my company over the past six months and am now concerned about leaving it on the books at year end, creating a red flag.
      I drew a total salary from the company of $80k.

      I know that many respondents will say "you should have taken it as a bonus and paid taxes on it at the time). Of course, but for various reasons that I will not go in to, it was not done.
      Now, I must deal with this loan on the books before closing them out for the year. I do not currently have the cash to simply claim it now as a bonus and pay the taxes on it by year's end.

      Any professional advice would be appreciated. Please, no lectures on what "should" have been done.